控股股东与经营者一体化存在的问题及其治理

Problems in Integration of Controlling Shareholder and Operator and Relevant Countermeasures

文章通过对控股股东与高层管理者的关联性描述,指出了控股股东与经营者的一体化趋势;然后从产权理论、交易费用理论和控制权收益三个角度对这种趋势进行原因分析;最后针对一体化带来的负面影响提出相应的对策。

The paper describes the relationship of controlling shareholder and high rank manager and then points out that the tendency of integration of controlling shareholder and operator. An analysis of its reason is made from three points of view： property right theory, transactional cost and earning of share right. Relevant countermeasures are presented against the negative effect of integration.